In a large saucepan, mix the 2-1/2 cups water, the raisins, orange peel, orange sections, lemon peel, lemon juice, and cinnamon stick. Bring to boiling; reduce heat. Cover and simmer for 20 minutes.
Stir in peach slices, cherries, and sugar (1/4 cup for dark sweet cherries or 1/2 cup for tart red). Return to boiling.
In a small bowl, mix the 2 tablespoons water and the cornstarch until smooth. Stir into boiling fruit mixture. Cook and stir until thickened and bubbly; cook and stir for 2 minutesmore. Remove from heat; cool. Cover; chill 6 to 24 hours.
Serve topped with whipped cream. Makes 8 servings.